Thursday, 23 January 2014

A few smart and effective tips to rein in your personal finances

Posted at  08:28  |  in  Finance

Personal Finance
With the onset of 2014, it’s high time that you wrangled your cash flow problems into a meaningful, lucrative financial plan. Money causes a lot of undue stress and when your finances are in a state of haywire, you start spending sleepless nights. With the economic crisis in the nation, it is a pre-requisite that you manage your finances in the right way. Drawing up a budget is the most common ways of living within your means but since the Americans share a love-hate relationship with a budget, they fail to follow it throughout the month and thereby stay within their means. If you too are someone who wants to stay on top of your finances so that you don’t need to borrow money from the bank, you may follow the personal finance tips mentioned below.

1. Schedule monthly dates: Millionaires spend 8.4 hours a month managing and planning their finances, as per the business theorists. While there are many people who wish to become millionaires, most people don’t devote enough time and energy to make that happen. Never make that mistake. You should always schedule the monthly dates in order to make payments on time. Once you start making late payments on your credit card bills, you will start incurring late fees and penalties that can soon bleed your wallet.

2. Keep saving money: Apart from keeping a tab on the monthly due dates, you should also continue with your endeavour of saving money. Unless you save a portion of your monthly income, you can’t ever repay your debts on your own. Make sure you save at least 10-12% of your monthly income so that you can build an emergency fund from which you can withdraw money during odd financial situations.

3. Freeze your credit cards: No matter how much you save money, you have to freeze your credit cards at the same time. If you keep on using your cards throughout the time of repaying your debt, you will keep accruing debt. Credit cards carry outrageously high interest rates and therefore you need to lock them at home in order to avoid the temptation of using them when you can’t afford things with cash.

4. Get professional help from the companies: If you still feel that you won’t be able to get out of debt through seamless efforts of your own, you can take help of the professional debt relief companies. There are professional debt relief companies, the debt consolidation, debt management and the debt settlement companies through which you can immediately seek debt relief by making easy and affordable monthly payments.

Henceforth, whenever you’re suffering from tight financial issues, you can take into account the above mentioned personal finance tips. Without staying on top of your finances, it might be tough to survive in the market in 2014. If needed, you may even get help of a financial advisor in order to restore a firm grip on your monetary state.

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Jimmy Simond is founder of he share his immense knowledge of finance in this blog. You can follow him on Google+.


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